www.lasvegasmtg.com Report: Help for FHA underwater home borrowers in Las Vegas Nevada

www.lasvegasmtg.com Report: Help for FHA underwater home borrowers in Las Vegas Nevada will be coming on June 11, 2012 that had taken out a FHA loan prior to May 31, 2009. President Obama Administration on March 16th, 2012 announced  the new FHA Streamline program to help current FHA home owners to be able to refinance to the currently historically low rates that wasn't possible until now. This was due to the increased current Upfront Mortgage Insurance Premium and the annual premium that are currently in place.  

Recently I had pulled a farm list of FHA Home Owners for loan amounts above $150,000 and interest rates higher then 5.5% prior to May 31,2009 broken down by state and by Clark County. The results were staggering. In the State of Nevada there are 7,992 FHA loans that meet this requirement and for Clark County there are 3,993.

So how does one qualify for getting a FHA Streamline loan? I will layout the requirements.

1. FHA has to Endorse the loan prior to May 31, 2009. Endorsement is not the same time as applying for a FHA loan nor when the loan closes. Endorsements can take place several days after and up to weeks later after the closing of a loan. You will have to contact your current lender to make sure when the endorsement had taken effect.
2. You cannot have been late for the last 12 months or you will not qualify for this FHA Streamline program.  
3. You must currently have a FHA loan, It cannot be a Fannie Mae, Freddie Mac, or VA loan. 
4. The borrower must see a net tangible benefit of 5% or more to be able to qualify for the FHA Streamline Loan. In most cases this was not possible until the reduced UFMIP and the Annual Premium had been reduced for this special program.  The start date will be June 11th, 2012.

If the borrower can meet these requirements then the rest of the process is pretty easy.

1. No Income qualifications or employment verification's. If you have made the payments on time it is assumed you have the sufficient income to make the lower payments. 
2. No Credit reports or FICO scores. Will run a mortgage rating only to verify current payments.
3. No New Appraisals. Will use the appraised value at the time of original loan.
4. No verification of assets unless it is needed to close the loan.

FHA sweetens the deal with Concessions.

1. Currently the Upfront Mortgage Insurance Premimum is 1% of the loan amount (will be going up to 1.75% on 04/01/2012) but FHA loans that qualify based on the above criteria the UFMIP will only be .01%.
2. Currently the Annual Premium is 1.15% (also going up on 04/01/2012 to 1.25%) will only be .55%. 

Please contact me by e-mail to see how much savings you could potentially see.